r2i forum

Hi,
I'm planning to buy some property in India and want to finance it by sending money from US. I don't have an NRE account. I'm thinking of sending money through wire transfer to my father's account in India and he'll withdraw it and pay for the property. Since the purchase of propery involves the not so easily avoidable black money, he'll have to withdraw cash. Will there be any tax consequences for withdrawing a lot of money in cash for which he cannot legally account for later?
What is the best method to finance such purchases in India?

Thanks in advance,
Softie.

Rajesh and all members,

Recently I withdrawn 15 lakhs (3 x 5 lakhs) from my NRO account towards cash payment for purchasing property in India. Bank people(ICICI Bank) didn't questioned so far. I am planning to sell another property where I may receive cash portion. So my question is can I deposit this cash(up to 15 lakhs, which I withdrawn one year back) into my NRO account ?

Your input will be highly appreciated.

Murari

RAJESH H DHRUVA;26501

. Yes, tax authorities may question reasons and objective for cash drawings of a large amount.
4. Banks in India are required to submit details of single cash withdrals exceeding INR 50,000 to Tax authorities.

Best wishes
RAJEHS H DHRUVA[/quote]

Depositing back to any Indian bank in cash, exceeding Rs.50000 per day will need PAN number.

You can deposit up to Rs.50000 for a few days to get the money into your account. However, if the account is an NRE account, they won't accept Indian currrency deposits, unless you show the source linking to foreign currency earlier.

I have a related question. I am borrowing money from UTI bank for a property I am buying with my mom, who is using the proceeds from sale of her home to pay cash down.

The loan amount is bigger than what we need to pay the seller, after my mom's cash is added. I am planning to put in the remaining money ( abou t 6L) in the NRO account I have jointly with my mom. What can be the problem?

To put figures, for a 30L property I am taking 20L loan but since my mom is giving 16L cash, I have 6L extra which I want to put in the joint NRO account. Are there any tax implications?

I've been through some of the detailed posts on the forum and checked the RBI site as well -- honestly I am a bit confused about things.

I was applying for home loan for a place in India thru the NRI loan process. I already have an NRE account. I am in this funny transition period between jobs and not fully moved to India.

I have a GC, USC applied for not completed and have already taken up a job in India. Plan to R2I in a couple months.

I understand from RBI site that home loan mortagage payments can be made from an NRE account OR and NRO account. I will have to convert my NRE to an NRO account when I return as this is required. This is OK -- I get it.

However, I also plan to keep my brokerage / 401K and college funds accounts in the US intact -- no plan on liquidating any of that. Given all this, should I consider opening an RFC account in addition to the NRO?

I am very confused about WHEN or WHY I would need an RFC account, the FAQ below doesn't get the point across to me.

http://www.icicibank.com/Pfsuser/icicibank/ibank-nri/nrinewversion/faq_RFCfixed.htm

Thanks for any help in advance.

Nelly,

I think you don't have to open RFC account.If you are a NRI, Yes ! mortagage payments have to be made from either NRE or NRO accounts. Once if you R2I, your NRO account to be converted into resident account and mortagage will go from this account. Incase if you want to liquidate your US funds in future, you can do so by transfering into your resident account.

nelly;50846I've been through some of the detailed posts on the forum and checked the RBI site as well -- honestly I am a bit confused about things.

I was applying for home loan for a place in India thru the NRI loan process. I already have an NRE account. I am in this funny transition period between jobs and not fully moved to India.

I have a GC, USC applied for not completed and have already taken up a job in India. Plan to R2I in a couple months.

I understand from RBI site that home loan mortagage payments can be made from an NRE account OR and NRO account. I will have to convert my NRE to an NRO account when I return as this is required. This is OK -- I get it.

However, I also plan to keep my brokerage / 401K and college funds accounts in the US intact -- no plan on liquidating any of that. Given all this, should I consider opening an RFC account in addition to the NRO?

I am very confused about WHEN or WHY I would need an RFC account, the FAQ below doesn't get the point across to me.

http://www.icicibank.com/Pfsuser/icicibank/ibank-nri/nrinewversion/faq_RFCfixed.htm

Thanks for any help in advance.[/quote]

In reply to the man inquiring about cs bank mandiri online, bri to dana, e money tidak bisa digunakan, bank bca ke bri, cara transfer dari bank bca ke bank bni, transfer dari bank bca ke bank mandiri, link aja adalah, link deposit, transfer dari bank mandiri ke bca, cara deposit dana, I highly suggest this get more information on 322TOTO blog or cara daftar di bank mandiri, slot bank bni, transfer dari bank mandiri ke bca, cara mengisi shopee pay, cara mengisi dana dari ovo, informasi tentang bank bca, transaksi link, saldo link, cara buat akun link aja, cara transfer dari bri ke bca, not forgetting sites such as this visit website on 322 toto advice not forgetting sites such as aplikasi transaksi, transfer ke bank bca, cara saldo, transfer dari dana ke link aja, cara buat bank mandiri online, cara transfer bank bri ke bni, cara tf dari bank bri ke bca, e money gopay, transaksi cepat, transfer dari bank bri ke bank bca, not forgetting sites such as this new 322TOTO blog which is also great. Also, have a look at this here on 322 toto forum and don't forget cara tf bank bni, cara mentransfer dari bank bri ke dana, transaksi di bank, cara menambahkan dana, apa itu bank bri, bg bri, mandiri ke bni, bri mandiri, dana transfer ke bank bri, transaksi bri online, on top of this more about the author about 322 toto advice on top of cara transfer dari bank bni, yamaha mandiri, web resmi bank bri, i bank bni, kode untuk transfer bank mandiri, get the facts on not forgetting sites such as cara buat akun bank mandiri, transaksi online, cara mengisi saldo di akun dana, mengisi link, cara transfer dari bank bca ke bank mandiri, for good measure. Check more @ Great Car Parts Guide e017d98

In response to the person asking about slot kami, play play slot, cara main slot, aplikasi judi online uang asli, situs judi slot online 4d, toto slot togel, bandar togel slot resmi, gampang menang slot, slot online deposit, situs togel paling aman dan terpercaya, I highly suggest this click for source about 322TOTO advice or situs agen togel terpercaya, nama situs judi slot online resmi, slot agen, agen togel play, aplikasi judi online slot, togel indonesia online, toto terbesar, cara main slot togel, menang togel, situs terbesar dan terpercaya, as well as this breaking news on 322TOTO details and don't forget cara main slot tembak ikan, idn live slot, slot online terpercaya di indonesia, slot situs terpercaya, deposit pulsa telkomsel, joker tembak ikan, main slot togel, slot situs resmi, nama situs judi slot online, judi online indonesia, which is worth considering with this best 322TOTO url which is also great. Also, have a look at this great 322 toto tips and don't forget situs agen togel terpercaya, situs judi online, toto online terpercaya, pragmatic play apa itu, permainan slot uang asli, apa itu pragmatic play, info situs slot terpercaya, slot online deposit pulsa, game online pulsa, permainan judi online, bearing in mind this best 322TOTO blog not forgetting sites such as judi online terpercaya, daftar situs togel online terpercaya, web slot, sbo slot, anda slot, sell about and don't forget slot menang, game slot play, game judi online slot, slot via pulsa telkomsel, aplikasi bermain slot, for good measure. Check more @ Best Male Regenerative Aesthetics Sarasota Website 90a6c94